Family

Issues

Note

NOTE: THIS IS A SUBSTITUTE BILL, MEANING THE LANGUAGE OF THE ORIGINAL BILL HAS BEEN REPLACED. THE DEGREE TO WHICH THE SUBSTITUTE BILL TEXT DIFFERS FROM THE PREVIOUS VERSION OF THE TEXT CAN VARY GREATLY.

Legislation -
Bill Passed
(House)
(92-46) -
March 15, 2012(Key vote)

Vote Result

Yea Votes

Nay Votes

Vote to pass a bill that increases the retirement age and increases retirement contributions for public employees who join the retirement system after April 1, 2012.

Highlights:

Increases the retirement age as follows for public employees who join the retirement system after April 1, 2012 (Sec. 1):

From age 55 to age 63 for police officers and firefighters; and

From age 60 to age 63 for all other employees.

Increases the amount of employee contributions to the retirement system from 3 percent to the following amounts (Sec. 1):

3.5 percent for employees who earn $45,000 to $55,000 per year;

4.5 percent for employees who earn $55,000 to $75,000 per year;

5.75 percent for employees who earn $75,000 to $100,000 per year; and

6 percent for employees who earn more than $100,000 per year.

Increases the number of consecutive years in the calculation of highest average wage, which is used to determine the amount of retirement benefits, from 3 years to 5 years for all public employees who join the retirement system after April 1, 2012 (Sec. 1).

Legislation -
Bill Passed
(Senate)
(32-5) -
March 14, 2012(Key vote)

Vote Result

Yea Votes

Nay Votes

Vote to pass a bill that increases the retirement age and increases retirement contributions for public employees who join the retirement system after April 1, 2012.

Highlights:

Increases the retirement age as follows for public employees who join the retirement system after April 1, 2012 (Sec. 1):

From age 55 to age 63 for police officers and firefighters; and

From age 60 to age 63 for all other employees.

Increases the amount of employee contributions to the retirement system from 3 percent to the following amounts (Sec. 1):

3.5 percent for employees who earn $45,000 to $55,000 per year;

4.5 percent for employees who earn $55,000 to $75,000 per year;

5.75 percent for employees who earn $75,000 to $100,000 per year; and

6 percent for employees who earn more than $100,000 per year.

Increases the number of consecutive years in the calculation of highest average wage, which is used to determine the amount of retirement benefits, from 3 years to 5 years for all public employees who join the retirement system after April 1, 2012 (Sec. 1).